What vinyl records, grain, and real estate software have in common
I have no proof, but I’m pretty sure my first landlord in New York City was a retired bridge troll who bought a building in Bed Stuy. He could no longer demand that passersby solve a puzzle to get past him, so instead, he got his dose of irritation by jumping his tenants through hoops to pay their rent. He only accepted checks (no direct deposit or QuickPays) in a deposit box that he only left in the hallway of the building on the first of the month. And the box was. Never. In. The. Same. Place. His reasoning, I later found out, was that no thief could steal the safe if he didn’t know where to look.
In the end, my former landlord was so paranoid about electronic payments or any useful management technology his tenants suffered from. Granted, my former bridge troll owner was definitely an outlier, and luckily he never managed commercial buildings. But I imagine I would have had a much easier time if he had offered me an app or web portal where I could pay my rent directly (without a scavenger hunt), as many commercial property managers currently do. But most building owners or property managers who offer them don’t develop and program them themselves, but instead use white label software.
The vinyl frontier
There is an interesting story behind the white label concept: in the age of disco, pre-artwork, promotional copies of records in a white sleeve were distributed to the press and radio stations to generate interest in the media. consumers so that the manufacturer can better anticipate the right quantity. of this record to do. This marketing strategy created a phenomenon of exclusivity: only the most famous disc jockeys would have access to these test blank discs, ultimately promoting them more than the finished product with the album cover. And that’s how we got the term âwhite labelâ.
“White label” eventually became a term for the authorized replication and rebranding of an existing product. Like the blank label, the name implies a blank slate which can be filled with the merchant’s own mark. White label products include products such as branded grocery products (such as Wal-Mart’s “Rice Crispers” version of Rice Krispies cereal or Kroger’s “Toasted Oats” version of Cheerios) or products on which it is easy to embed a label, such as stainless steel water bottles or tote bags.
White label software, however, is a bit of a different story. Much like slapping a design on a physical product, white label software is software that a business purchases from a service provider that it can then rename as its own, allowing it to personalize its services in the digital realm. Your logo, color scheme, business name, etc. Ultimately, the user will not be able to tell that it is not your own job. This allows the business owner to focus on growing and sustaining their portfolio. This is why property managers see white label software as an attractive solution.
The majority of white-label software comes from software as a service (SaaS) companies that lease the rights to their software or charge a monthly fee. The white label is ready to use and user-friendly, but above all, it is an opportunity for a commercial real estate developer to present his brand. Commercial real estate companies know that a strong personal brand can help brokerage firms maintain a constant flow of clients while improving their professional credibility. Thus, they often use white label software in order to streamline their management services and for the consumer to connect directly with them, and not with the software publisher.
A good tenant experience is reinforced by a reinvestment in the property and its amenities. Invest in maintenance to keep the building safe and functional, and tenants will be more likely to renew their leases. The same goes for building equipment, and what is property management software if not attractive equipment?
Proptech companies are spending their time connecting with tenants through their smartphones in an increasingly mobile world. The real stick and the carrot for an optimal tenant experience is really smartphone access control. While tenants might like a mug with the âWhyâ tag, they just want a one-stop web portal or app. âIdeally, these platforms should support the individuality of buildings,â said Gabby McMillan, CEO and co-founder of Equiem. Since white label software is generally fully customizable, it makes sense that it is becoming more and more prevalent in the real estate management arena.
The luxury of accessing building amenities like paying rent or requesting maintenance in one place is now becoming the norm. The same can be said for building owners and property managers who want to advertise a property available, estimate market rent, and perform background checks on potential tenants all on the same end-to-end solution. But those who really think two steps ahead also understand the most important characteristic of white label software: branding.
âIn the past, a commercial building was not a mainstream brand, but that is clearly not the case today,â said Phil Mobley, director of US Occupier Insight at Avison Young. We are starting to understand that buildings are no longer passive assets but active contributors to the tenant experience. According to Mobley’s logic, the tenant experience is a rental property portfolio brand experience.
Branding is what carries a business. White label property management software allows property managers to outsource professionally developed software that they can label as their own. And just like unbranded cereals, white label products come from the same manufacturers as famous brands, which means white label products are just as good as recognized brands. Almost every time, customers can’t tell the difference.
Best shelf mark
Another reason why white label software is useful for building owners and property managers is that the software is scalable as the portfolio grows, as different buildings offer different sets of equipment and other building solutions. ‘experience. When you think about why property managers want white label software, it’s to create a brand of a desirable place to work or live. Depending on the developer, the building owner or property manager can white label software without getting bogged down in product development and production operations.
The white label came to represent that its mark was the very absence of a mark. An empty sheet where an album cover should be. Each vinyl “test” record with a white label was often one of a kind, which inspired the hype for one. In the digital landscape, the best way to personalize the tenant experience is with a mobile app, but most people who need property management software aren’t looking to schedule their own.
The vast majority of renters want something easy, regardless of the digital packaging (maybe that’s why white label cereals are more in demand than branded cereals). The best tenant experience is one that is tailor-made to the tenant’s needs and expectations for the specific building in which they are located. As McMillan says, âEvery building is a snowflake,â which is exactly why building owners and property managers want property management software that can reflect their individuality while still maintaining its polished frame.